The Carol Chemical Company disclosed a valuation allowance of $849 million related to various deferred tax assets on December 31 of the current year. The valuation allowance had a balance of $800 million on January 1 of the current year. What effect did this increase in the allowance have on Carol Chemical's net income for the current year? Select one: a. Increase net income by $49 million b. None of these are correct c. Decrease net income by $800 million d. Increase net income by $800 million e. Decrease net income by $49 million O O As a result of using accelerated depreciation for tax purposes, The Mentor Corporation reported $521 million income tax expense in its income statement, while the actual amount of taxes paid by the company was $577 million. How did these tax transactions affect the company's balance sheet? Select one: a. Decrease retained earnings by $521 million b. Increase deferred tax liability by $56 million c. Decrease deferred tax assets by $521 million d. Decrease cash by $521 million e. Both C and D O O O The income tax footnote to the financial statements of Anchor Inc., for the year ended December 31, includes the following information (in millions). ($ millions) Current tax provision Federal State $6,122 792 Foreign 1,684 $8,598 Deferred tax provision Federal State Foreign $4,034 (110) 26 $3,950 Provision for income taxes $12,548 How much of the income tax expense is payable during the year? Select one: O a. $3,950 million O b. None of these are correct O C. $12,548 million d. $10,156 million e. $8,598 million O Bald Industries disclosed the following minimum rental commitments under non-cancelable operating leases in its 2017 annual report: Minimum operating lease payments 2018 2019 2020 Amount (in millions) $71 46 34 2021 2022 26 20 $197 Total What is the present value of these operating lease payments, assuming a 5% discount rate? Note: Round your final answer to the nearest whole dollar. Select one: oa. $180 million O b. $172 million O c. $197 million O d. $56 million O e. None of these are correct